Corporate Takeovers

August 14, 1985|By Deanne Brandon

NO CHANGE. Gov. Mario Cuomo Tuesday vetoed a bill that would have given New York companies powerful defenses against corporate

raiders. Cuomo said portions of the bill were unsound and could have produced lawsuits. It would have required companies incorporated in New York to set up procedures making it more difficult for anyone to purchase more than 20 percent of a company's stock with a non-cash offer. More: It would have required anyone offering one price for a majority of a company's stock to offer the same price for all shares; and it would have imposed new disclosure requirements on those seeking to take over New York corporations.